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  • Comment Detail

  • Date: 10/28/21
    First Name: Rodney
    Last Name: Fernandez
    Organization: N/A
    City: N/A
    State: N/A
    Attachment: N/A
    Number: RIN-2590-AB17

  • Comment

    10/28/2021

    Honorable Sandra L. Thompson
    FHFA Director

    Dear Madam Director,

    The regulator overseeing Fannie Mae and Freddie Mac proposed changes to recently imposed capital and leverage requirements: The proposed rule from the Federal Housing Finance Agency would encourage shifting risk from taxpayers to private investors, while allowing them to support the housing market. This shift can not take place if the the Treasury will not cancel the senior preferred stock.

    Subject: Variable Liquidation Preference Senior Preferred Stock, Series 2008-2
    OPTIONAL PAY DOWN OF LIQUIDATION PREFERENCE

    I am asking for preferred remedy that the over-payments measured against the dividends that were being paid, that anything above that be treated as a pay down of principle on the government’s liquidation preference: And the government’s been paid back in full plus 10 percent interest. In addition the 79.9% warrants held by the Treasury canceled; deeming Fannie Mae and Freddie Mac's senior preferred stock repaid and canceling Treasury's liquidation preference.

    Please find attached document permitting the above request;

    Document from Treasury of The United States of America
    Variable Liquidation Preference Senior Preferred Stock, Series 2008-2
    OPTIONAL PAY DOWN OF LIQUIDATION PREFERENCE

    Page 3 Quote:

    “the company may pay down the Liquidation Preference of all outstanding shares of the Senior Preferred Stock pro rata, at any time, in whole or in part, out of the funds legally available therefor with such payment first being used to reduce any accrued and unpaid dividends previously added to the Liquidation Preference to Section 8 below.” End of Quote.

    Page 3 and 4 Quote:

    “If after termination of the Commitment the Company pays down the Liquidation Preference of each outstanding share of Senior Preferred Stock in full, such shares shall be deemed to have been redeemed as of the date of such payment, and the dividend that would otherwise be payable for the Dividend Period ending on the pay down date will be paid on such date. Following such deemed redemption, the shares of the Senior Preferred Stock shall no longer be deemed to be outstanding, and all rights of the holders thereof as holder of the Senior Preferred Stock shall cease, with respect to shares so redeemed, other than the right to receive the pay down amount (which shall include the final dividend for such shares). ANY SHARES OF THE SENOR PREFERRED STOCK WHICH SHALL HAVE BEEN SO REDEEMED, AFTER SUCH REDEMPTION, SHALL NO LONGER HAVE THE STATUS OF AUTHORIZED, ISSUED OR OUTSTANDING SHARES.” End of Quote

    Link: https://www.treasury.gov/press-center/press-releases/Documents/certificatefnm2.pdf.

    Thank you,

    Rodney T Fernandez
    3730 Main St.
    Moss Point, Ms 39563

    Shareholder Fannie Mae, Freddie Mac